Question

Sheridan Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.

Date		Transaction		Quantity		Price/Cost
1/1		Beginning inventory		1,700		$15
2/4		Purchase		2,700		22
2/20		Sale		3,200		37
4/2		Purchase		3,700		28
11/4		Sale		2,900		40

Correct answer iconYour answer is correct.

Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)

Average-cost per unit

$

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New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Compute cost of goods sold, assuming Sheridan uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.)

				Cost of goods sold
(a)		Periodic system, FIFO cost flow		$
(b)		Perpetual system, FIFO cost flow		$
(c)		Periodic system, LIFO cost flow		$
(d)		Perpetual system, LIFO cost flow		$
(e)		Periodic system, weighted-average cost flow		$
(f)		Perpetual system, moving-average cost flow		$

Answer 1